What can the average house price buy you across the country?

The latest figures from across the UK show that the average asking price to purchase a home has hit a record high. The average now sits at around the £314,000 mark for April (2017). This shows that there has been a rise of around £3,500 in just one month alone.

By way of comparison, £314,000 could buy you your own island off the coast of North Scotland. This island would contain a cottage, a wind turbine, 40 acres of land.

Alternatively, £314,000 could buy you a studio apartment in central London that measures under 100 sq ft.

The release of this national survey of house prices shows the vast difference between the regions we choose to live in and what your money can buy. It also shows the contrast between
houses outside of London and those that are in the city.

Take, for instance, the London suburb of Westminster. The average asking price for a house there hovers around the £2.1 million mark – the highest in the UK. The cheapest region to live in
would be the North East, where house prices average out at around £150,000, according to the latest figures from Rightmove.

In the Yorkshire area, there are many houses to be found at around the national average price. Hull has a wide range to offer, with some grade 2 listed buildings going for around the national
average and even leaving you with some change to spare.

Miles Shipside, the director of Rightmove said of the latest research: “High buyer demand in most parts of the country has helped to propel the price of a newly marketed property to record
highs. There are signs of a strong spring market with the number of sales agreed achieved at this time of year being the highest since 2007.

“Strong buyer activity this month has led to 10 per cent higher numbers of sales agreed than in the same period in 2016. This large year-on-year disparity should be viewed cautiously as the
comparable timespan in 2016 saw a drop in buy-to-let activity with the additional second home stamp duty. However, they are also up by 3.8 percent when compared to 2015.

“With the growth in household numbers and new-build supply struggling to keep pace, demand is strong and has led to the highest sales agreed numbers at this time of year since the heady
pre-credit-crunch levels.”

The average asking price in the South East has peaked at the £418,000 mark, which is £104,000 more than the national average. Kent seems to be the only area that is affordable on
the UK’s average. Newcastle will set you back around £300,000 whereas you will have to fork out £637,000 to live in and around London.

However, it is possible to find houses in London which are close to the average. Rightmove currently lists around 900 properties within that price range, but they usually do not stay available
for long.

Despite a growing demand for two bedroom and smaller homes to come on the market, the annual rate of price growth has the slowest for four years. Rightmove has attributed this
stagnation to the buyers struggling to be able to afford the pricey homes that are available.

But will the latest political events have any sway on the housing market?

Kevin Shaw, the national sales director at Leaders suggests that ‘the forthcoming election is unlikely to have a significant effect on the buoyancy of the market. The underlying fundamentals are still in place and we are expecting seasonal activity to remain robust as we head into the summer months’.